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Friday, 30 June 2017

Postal Life Insurance - Benefits

PLI is the only insurer in the Indian Life Insurance market today, which gives the highest return (bonus) with the lowest premium charged for any product in the market. For example, a person will pay about 26% to 36% less premium in comparison to the equivalent Whole Life policy of LIC, depending upon the age at entry. Similarly, for an Endowment policy he has to pay about 6% less premium in comparison to LIC. The bonus earned by a PLI policy is about 7% or more high in comparison to a LIC policy.   It is pertinent to mention here that the private insurance companies which have started life insurance business 2 to 3 years ago, have not been able to declare bonus so far, whereas in RPLI, we have been paying bonus since its first year of operation.
A PLI/RPLI policy holder may also get also following facilities :
  • Change of nomination.
  • The insurant can take loan by pledging his/her policy to Heads of the Circle/Region on behalf of President of India, provided the policy has completed 3 years in case of Endowment Assurance and 4 years in case of Whole Life Assurance. The facility of assignment is also available.
  • Assignment of Policy to any Financial Institution for taking loan.
  • Revival of his/her lapsed policy. Policy lapses after 6 unpaid premiums if it remained in force for less than 3 years and after 12 unpaid premiums if it remained in force for more than 3 years.
  • Issue of Duplicate Policy Bond in case of the original Policy Bond is lost, burnt or torn/mutilation.
  • Conversion for Whole Life Assurance to Endowment Assurance and from Endowment Assurance to other Endowment Assurance as per rules.

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